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Israel to strengthen fashion industry with a 22 million new shekels plan

The Israeli Ministry of Economy, has launched a national plan to strengthen clothing and fashion industry with 22 million new shekels ($6.14 million) investment. The plan will not extend the temporary exemption from customs duties on clothing by the end of 2018. For major products, customs duties will return to standard rate of 12 per cent. Around 10 million new shekels will be invested in upgrading and promoting plans with the Israeli Innovation Authority. The money will be used to grant 30 to 50 per cent of the R&D expenditures of programs approved for fashion manufacturers.

An additional 9 million new shekels will be allocated to promote export activity through an internet portal and free guidance by the Israel Export Institute. Another 3 million new shekels will be allocated to promote online trading in small and medium businesses. In addition, manufacturers will be able to receive export support of up to 200,000 new shekels each.